The transaction will see it gaining a 70% interest in ruby mining license 5030L via a deal to acquire 70% of the shares of Rubies Resources SA. Fura will also obtain an 80% interest in concession 8921C through the acquisition of 80% shares in Ibra Moz SA.

The mining company will also gain the right to earn a 65% interest in concession 8955C by way of a joint venture agreement.

Fura revised its merger agreement with New Energy Minerals in February. Consideration for the acquisition of the New Energy Assets has been pared back from A$2.8 million (C$2.48 million) to a cash payment of A$1.4 million (C$1.23 million).

Fura is no longer required to issue any of its shares as part of the transaction.

An A$2.8 million (C$2.48 million) loan agreement between Fura and New Energy was terminated. Fura will also pay all capital gains taxes levied by the government of Mozambique in connection with the sale of the New Energy Assets.

Fura is at work on mining its emerald, ruby and sapphire assets in Colombia, Mozambique and Australia.

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Fura Gems (CVE: FURA) President and CEO Dev Shetty joined Steve Darling from Proactive in Vancouver on Skype from Dubai with news the company has closed on two key transactions that give them operation in Australia and Mozambique along with their other project in Colombia.
Shetty...